China is a major export market for Vietnamese whiteleg shrimp.

According to VASEP, the volume of whiteleg shrimp exports from Vietnam increased significantly in the first quarter of 2024. In these two months (May and June), the export volume continued to improve, reaching 30,452 tons, an 8% increase compared to the previous month and a 19% increase compared to the same period last year.

June marked the second consecutive month of increased import volumes in most major markets, including the United States (up 14%), China and Hong Kong (up 31%), the EU (up 8%), and Japan (up 2%). South Korea saw a 6% decrease in imports compared to the previous month.

For the US and EU markets, despite being affected by rising sea freight rates, partners are increasing shipments due to concerns that freight costs will continue to rise sharply during the peak season at the end of the year.

Vietnam's whiteleg shrimp exports reach highest level in two years.

Meanwhile, shipments to Japan and South Korea slowed down somewhat, partly due to the impact of the weakening yen and won (which fell to record lows).

Sea freight rates in May, which increased by 10-20% compared to the previous month, significantly impacted the progress of new contract signings and export price negotiations to the EU and US markets.

Market demand may also have been stimulated by the drop in raw shrimp prices in June. In June, whiteleg shrimp prices experienced their sharpest decline since the beginning of the year due to processing plants lowering the purchase price of prime-sized shrimp. In the last week of June, farm-gate prices recovered slightly, but still did not offset the sharp drop in the first half of the month.

Overall, farmgate prices for all shrimp grades, from 30 count/kg to 100 count/kg, have fallen by 10% to 14%.

However, the average export price of all whiteleg shrimp products sold on the market remained stable in June, increasing by $0.03 compared to the previous month to $8.10/kg.

China remains Vietnam's largest market for whiteleg shrimp, second only to the United States in June, with sales increasing by over 1,000 tons to 5,921 tons. This is the highest level in a year.

The average export price of all whiteleg shrimp products exported to China also increased by 3.1% to $6.50/kg, returning to February levels after several declines in the past period.

Vietnam's whiteleg shrimp exports to the United States increased to 4,976 tons – the highest level since November 2023 – and prices are also gradually rising, up 2% from the previous month to $10.20/kg.

Exports to the EU market also reached a high of 4,709 tons, the highest import level since July 2022. However, export prices continued to fall by 1.4% to $7/kg. Export prices to the EU market have fallen below pre-Covid-19 levels (2019 and 2020).

Vietnam's whiteleg shrimp exports to Japan remained strong, increasing slightly to 3,630 tons. Export prices also recorded their first increase this year, rising 3.4% to US$8.80/kg.

Exports to South Korea in June decreased slightly compared to the previous month, reaching 2,894 tons. Export prices in June fell by 4.1% to US$7.10/kg. Meanwhile, Vietnam's black tiger shrimp export volume in June decreased slightly by 4% compared to the previous month but increased by 9% compared to the same period last year to 3,956 tons.

Intense price competition from other producing countries such as Ecuador and India, coupled with a slow recovery in domestic demand in China, has contributed to a significant decline in exports to this large market. Meanwhile, exporters to the US and EU continue to face difficulties due to rising freight costs and container shortages.

The average export price of tiger prawns of all sizes to all markets in June increased by 0.4% compared to the previous month, reaching US$11.06/kg.

Source: https://congthuong.vn/trung-quoc-la-thi-truong-xuat-khau-tom-chan-trang-lon-cua-viet-nam-335707.html